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Question Four {10 Marks} Consider a competitive industry with several identical firms

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Question Four {10 Marks} Consider a competitive industry with several identical firms. The long run average cost of a firm producing Q units of output is given by: C = 50 – 4Q + Q2 Suppose the market demand is given by: Qp = 246 – P; where P denotes market price. Determine the following: Answer i. The quantity at which the LRAC is minimised. {2 Marks} ii. The value of LRAC at its minimum point. {2 Marks} iii. The market demand when LRMC ELRAC (minimum point). {2 Marks} iv. The number of firms in the industry in the long run equilibrium.